Page 28 - Nirav Modi Scam At Pnb

Revealed: Nirav Modi's Taiwan, Surat, Hong Kong & Dubai connections

Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe

Govt tells PSBs to integrate banking systems, rotate staff as a policy

The department of financial services will soon hold a meeting with the information technology team of all public sector banks (PSBs) to ensure a scam such as the one at Punjab National Bank does not recur, officials said.The department has directed all PSBs to plug the technology lapses that enabled the scam of fraudulent Letters of Undertaking (LoUs) issued on behalf of the Nirav Modi and Mehul Choksi groups of companies, to foreign branches of Indian banks."We have asked all banks to integrate their Core Banking System with the SWIFT [Society for Worldwide Inter-Bank Financial Telecommunication] system," said a senior official, on condition of anonymity.PNB says the scam was undetected as its CBS was not integrated with SWIFT, helping executives at a Mumbai branch to bypass the system and issue fraudulent transaction messages to other banks. As a result, the transactions were not reported in PNB's account books."Banks need to put systems in place to ensure security of transactions ..

Rs 114-bn PNB scam: Experts see share price slipping to Rs 90-100 levels

At Rs 114 billion, the hit could be about 23% of PNB's current net worth

CBI arrests three more Punjab National Bank staff in Rs 114-bn fraud case

Two of them are forex managers and one is responsible for checking SWIFT messages

Put more safeguards: Letter to BS on Nirav Modi's fraud at PNB

With the mother of all bank scams showing the authorities in poor light it is imperative for the regulator and banks to put more safeguards in place

PNB fraud is a clear cut case of no systemic accountability: Letter to BS

It is remarkable that despite losing Rs 2.65 trillion in a decade no head of institution has lost his job, leave alone face prosecution

Indian banks taking hit of $3 bn due to PNB fraud is false news: Govt

The fraud involved issue of illegal letters of undertaking and foreign letters of credit favour Nirav Modi and Gitanjali group of companies which were unauthorised by bank

I-T dept attaches 7 properties of Mehul Choksi, Gitanjali group in Mumbai

I-T sources said while four of these attached assets were in the name of Gitanjali Gems Limited, two were in the name of Mehul Chinubhai Choksi and one in the name of Gili India Limited

Nirav Modi diverted Rs 12.16-bn SEZ diamonds to domestic market: I-T Dept

Instead, low-quality diamonds were exported to associate units abroad to keep up the appearances

PNB scam and NPA crisis: Are we looking at a long-term bear market?

Food inflation softened, but higher crude prices almost balanced that out. Bond yields have already moved up, while poor balance sheets impede banks' ability to lend

PNB closed all options to recover dues by going public: Nirav Modi

In a letter Modi wrote on Feb 15/16 to the PNB management, he pegged the amount his companies owes to the bank under Rs 50 bn

Regulatory lessons: India should reduce dependence on the banking system

The central error here is that the SWIFT inter-bank communication system is not monitored as carefully as it should be by some Indian banks

Assets worth Rs 57.16 bn, 1st LoU issued in Mar 2011 seized: ED on PNB scam

The ED is also moving to attach at least two dozen immovable properties of Modi, Choksi and their concerns under the Prevention of Money Laundering Act

'Explain how scam took place': CVC seeks report from PNB, FinMin in 10 days

The law enforcement agency has asked for names of officials who were involved in the scam and sought identification of officials who could have taken action and prevented it

PNB fraud case: Congress says it will oppose PSBs privatisation

Party releases documents that show Choksi was decalred absconder in August 2017

7 public sector bank stocks hit 52-week lows on Rs 114-bn PNB fraud case

UCO Bank slipped 4.58%, Dena Bank - 4.43% and Oriental Bank of Commerce - 1.71%

PNB scam: Kejriwal takes multiple potshots at Modi govt, on Twitter

PNB fraud has evoked many more tweets from him than the other issues

Prime Minister will show Nirav Modi his right place, says Ramdev

Ramdev said Nirav Modi will face the consequences for the sins he has committed

PNB will have to own responsibility of bona fide transactions, says FinMin

Financial services secretary, said the bank "will have to own responsibility of bonafide transactions."

Nirav Modi, PNB & the biggest bank loot that shook India

Last month, Punjab National Bank, known as PNB, filed an initial criminal complaint with the country’s Central Bureau of Investigation (CBI) accusing celebrity jeweller Nirav Modi and others of defrauding the bank and causing it a loss of 2.8 billion Indian rupees (more than $43 million). The allegations against a man whose diamond creations have draped Hollywood stars such as Kate Winslet and Dakota Johnson generated a flurry of coverage across India’s TV screens and newspapers. Modi has not publicly commented on the case. But as more details surfaced about what is alleged to have happened at the state-run bank, which was founded in 1894, the stakes have gotten higher.